Category: Bitcoin

We track millions of social media posts and use machine learning to determine sentiment for hundreds of cryptocurrencies in real-time. Below is real-time sentiment of tweets for Bitcoin for the last few days. The real-time sentiment of Bitcoin suddenly turned negative yesterday and in the evening. As we have already posted in other such cases in the past this means a major warning signal for the price and indeed the price has since fallen from around 7250 USD to the current price of around 6890 USD. Another great BittsSignal. For other examples of how our real-time sentiment could help you in trading cryptocurrencies see our BittsSignals posts. More information about our bittsanalytics platform is available at our website www.bittsanalytics.com

We are tracking millions of social media posts and generating tag clouds as well as themes of similarity for each of over 150 cryptocurrencies we are tracking. Our platform thus allows to track in real-time what people are talking about each of these cryptocurrencies and this is interesting especially in days like it was yesterday for Bitcoin. If we look first at the hourly Tagcloud about Bitcoin during the price surge it is clear what was on most people’s minds – cancellation of Segwit2x:

If we look at themes of tweets which are clustered together according to their similarity you have a similar picture from the clustered words – fork, suspended, cancelled, segwit2x, termination:

If you would also like to use our BittsAnalytics platform where you can instantly get themes discussed about cryptocurrencies in real-time and also get their real-time sentiment please visit our website www.bittsanalytics.com to learn more.

As a continuation of our previous post on using real-time sentiment to avoid the November 6th correction we now show you how you could use the real-time sentiment of Bitcoin to reenter the position. As you can see in the chart below the sentiment quickly rebounded from the negative value of 6th November.

If you took that as a positive trading signal and reentered the Bitcoin position you could enjoy in price that followed in the following two days.

We are using machine learning to calculate real-time sentiment for over 150 cryptocurrencies from millions of social media posts about them. Below is the chart of hourly sentiment of Bitcoin calculated from tweets for the last week. After days of positive sentiment it suddenly turned negative on 5th November around 22 (UTC time). At that time the price of Bitcoin was around 7430 USD. If you interpreted this as a warning signal and reduced Bitcoin exposure you would have avoided the subsequent correction which went down to 7030 USD. Great BittsSignal. In the follow up post we will show you how you could use the same real-time sentiment to get back in Bitcoin and profit again, this time from rebound of Bitcoin price. If you want to be notified please subscribe or check back soon.

The sentiment comparison between Bitcoin and Bitcoin Cash in the last few months is showing that the Bitcoin has a higher sentiment which never went to negative values. Bitcoin Cash has a more volatile sentiment which despite sometimes negative values is predominantly positive.